SECOND AMENDMENT
EX-10.17 5 ex10_17.htm EXHIBIT 10.17 ex10_17.htm
Exhibit 10.17
Two River Community Bank
Supplemental Executive Retirement Agreement
Second Amendment
Exhibit 10.17
SECOND AMENDMENT
TO THE
TWO RIVER COMMUNITY BANK
SUPPLEMENTAL EXECUTIVE RETIREMENT AGREEMENT
DATED JANUARY 1, 2005
FOR
ALAN B. TURNER
THIS SECOND AMENDMENT is entered into this 1st day of March, 2010, by and between TWO RIVER COMMUNITY BANK, a state-chartered commercial bank located in Middletown, New Jersey (the “Bank”), and ALAN B. TURNER (the “Executive”).
WHEREAS, the Bank and the Executive executed the Supplemental Executive Retirement Agreement on January 1, 2005 (the “Agreement”);
WHEREAS, the Bank and the Executive amended the Agreement on October 31, 2008;
WHEREAS, Section 8.1 of the Agreement provides that the Agreement may be amended upon mutual consent of the parties thereto; and
WHEREAS, the parties desire to increase the value of the benefits payable to the Executive under the Agreement;
NOW, THEREFORE, it is agreed by and between the Bank and the Executive as follows:
Section 2.1.1 of the Agreement shall be amended and replaced as follows:
| 2.1.1 | Amount of Benefit. The annual benefit under this Section 2.1 is Seventy-One Thousand Dollars ($71,000). |
IN WITNESS WHEREOF, the parties have executed this Second Amendment as of the date indicated above.
EXECUTIVE: | BANK: | ||
TWO RIVER COMMUNITY BANK | |||
By | |||
ALAN B. TURNER | Title | | |
| |
Schedule A Attached to 2nd Amendment Dated March 1, 2010 | Plan Year Reporting | |
Schedule A |
Alan B. Turner
Birth Date: 8/29/1963 | Early Termination | Disability | Change in Control | Pre-retire. | |||||||
Normal Retirement: 8/29/2028, Age 65 | Death | ||||||||||
Annual Benefit2 | Annual Benefit2 | Annual Benefit2 | Benefit | ||||||||
Amount Payable at | Amount Payable at | Amount Payable at | Lump Sum | ||||||||
Separation from Service | Normal Retirement Age | Separation from Service | Benefit | ||||||||
Based On | Based On | Based On | Based On | ||||||||
Values | Age | Accrual | Accrual | Benefit | Accrual | ||||||
(1) | (2) | (3) | (4) | (5) | |||||||
Mar 20101 | 46 | 5,605 | 18,597 | 34,367 | 330,548 | ||||||
Dec 2010 | 47 | 7,172 | 22,542 | 35,509 | 341,530 | ||||||
Dec 2011 | 48 | 9,166 | 27,002 | 36,929 | 355,191 | ||||||
Dec 2012 | 49 | 11,294 | 31,183 | 38,406 | 369,399 | ||||||
Dec 2013 | 50 | 13,565 | 35,102 | 39,943 | 384,175 | ||||||
Dec 2014 | 51 | 15,988 | 38,774 | 41,540 | 399,542 | ||||||
Dec 2015 | 52 | 18,573 | 42,216 | 43,202 | 415,524 | ||||||
Dec 2016 | 53 | 21,331 | 45,442 | 44,930 | 432,145 | ||||||
Dec 2017 | 54 | 24,274 | 48,466 | 46,727 | 449,431 | ||||||
Dec 2018 | 55 | 27,414 | 51,299 | 48,596 | 467,408 | ||||||
Dec 2019 | 56 | 30,764 | 53,955 | 50,540 | 486,104 | ||||||
Dec 2020 | 57 | 34,338 | 56,444 | 52,562 | 505,548 | ||||||
Dec 2021 | 58 | 38,152 | 58,777 | 54,664 | 525,770 | ||||||
Dec 2022 | 59 | 42,222 | 60,963 | 56,851 | 546,801 | ||||||
Dec 2023 | 60 | 46,564 | 63,013 | 59,125 | 568,673 | ||||||
Dec 2024 | 61 | 51,196 | 64,933 | 61,490 | 591,420 | ||||||
Dec 2025 | 62 | 56,139 | 66,733 | 63,949 | 615,077 | ||||||
Dec 2026 | 63 | 61,413 | 68,420 | 66,507 | 639,680 | ||||||
Dec 2027 | 64 | 67,041 | 70,001 | 69,168 | 665,267 | ||||||
Aug 2028 | 65 | 71,000 | 71,000 | 71,000 | 682,891 |
1 The first line reflects just the initial values as of March 1, 2010.
2 The annual benefit amount will be distributed in 12 equal monthly payments for a total of 180 monthly payments.
* IF THERE IS A CONFLICT IN ANY TERMS OR PROVISIONS BETWEEN THIS SCHEDULE A AND THE AGREEMENT, THE TERMS AND PROVISIONS OF THE AGREEMENT SHALL PREVAIL. IF A TRIGGERING EVENT OCCURS, REFER TO THE AGREEMENT TO DETERMINE THE ACTUAL BENEFIT AMOUNT BASED ON THE DATE OF THE EVENT.